NEW YORK, June 06, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of ServiceMaster Global Holdings, Inc. (“ServiceMaster” or the “Company”) (NYSE: SERV). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether ServiceMaster and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On October 22, 2019, ServiceMaster announced disappointing preliminary financial results for the third quarter of 2019, having missed both revenue and earnings estimates. ServiceMaster also gave downward adjusted EBITDA guidance of $415 to $425 million, down from $435 to $445 million. The Company’s press release attributed the disappointing results partly to “termite damage claims arising primarily from Formosan termite activity,” primarily in Mobile, Alabama. ServiceMaster further stated that this had been a known issue, the Company has taken mitigating measures “starting in 2018.” Finally, ServiceMaster announced the sudden departure of Matthew J. Stevenson from his role as President of Terminix Residential.
On these announcements, ServiceMaster’s stock price fell $11.44 per share, or 20.38%, to close at $44.70 per share on October 22, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.